How good would it be to find you had a lazy half a million dollars waiting to be collected? Well apparently plenty of Australians do – they just don’t know it. The Australian Securities and Investments Commission (ASIC) say the pool of unclaimed cash has risen to a record $610 million. And it costs nothing to see if some it could be yours. For most of us the idea that you could have some missing money is unthinkable. But if you’ve changed addresses frequently, had a number of bank accounts, life insurance policies or different share holdings, there might be money waiting that’s rightfully yours. Or you may have an inheritance that you’re unaware of.

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As part of the latest Federal Budget, from 1 July 2012 individual taxpayers will have the option of claiming a $500 standard workrelated tax deduction to help trim the cost of managing our tax affairs. This standard claim will increase to $1,000 from 1 July 2013. This may replace the traditional shoe box of receipts but as the curtain closes on the current tax year, it’s still important to claim everything you’re (legitimately) entitled to.

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